QMASTOR lifts FY11 profit to $1.8m

QMASTOR lifts FY11 profit to $1.8m

Industrial software and services company QMASTOR (ASX:QML) boosted its FY11 profit by 352%, on the strength of record-breaking revenue.

The company reported a profit for the year of $1.8 million, from 75% higher revenue of $12.8 million.

QMASTOR earned 37% of its revenue from international sources during the year, up from 18% a year earlier. Managing director Trent Bagnall said the international gains “signal QMASTOR's growth prospects in years to come.”

He said QMASTOR's South American office, which opened in 2010, is expected to start contributing revenues from 1H12.

The company recently made its first sale in the region - to a Brazilian mining project – and views it as an important market for future growth.

QMASTOR is forecasting $20 million in revenue in FY12.

The company is currently the target of a takeover bid by Triple Point Australia. Directors last week conditionally agreed to recommend a revised $0.31 per share offer to shareholders.

QML shares dipped 1.75% on Friday to $0.280.

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Tags Mergers and acquisitionsexpansionfinancial resultsQMASTORsoftwareng SoftwareASX:QMLTren

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